The brief

Analyst view

• Founded 2014 by Yuval Rooz, Shaul Kfir, Eric Saraniecki. HQ New York, global offices.
• Raised $355M (June 2025) from a16z Crypto, ABN Amro, Apollo, BNP Paribas, HSBC, others.
• DTCC got SEC relief (Dec 2025), launched live U.S. Treasury tokenization Oct 2026.

Technical approach

As reported

Permissioned blockchain

Privacy-preserving ledger

Permissioned network, not public. Only approved institutions. Privacy and regulatory compliance.

Asset tokenization

Real-world assets on-chain

Institutions represent bonds, Treasuries, loans, funds as tokens. Near-instant 24/7 settlement.

Regulatory integration

Built for compliance

Handles KYC, AML, audit trails. Tokenized assets acceptable to regulators and custodians.